Annual Report 2003 Close Report
Financial Highlights
To Our Shareholders
Management's Discussion and Analysis
Financial Results
More About Us
The Future Matters
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Managements Discussion & Analysis

How We Performed
Off-balance Sheet Arrangements
Critical Accounting Policies
Controls and Procedures
How Our Businesses Performed

Personal and Commercial Banking
Wholesale Banking
Wealth Management
Corporate Management

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How Our Businesses Performed

The Bank’s operations and activities are organized around the following operating business segments: Personal and Commercial Banking, Wholesale Banking and Wealth Management.

Personal and Commercial Banking is a leader in Canada with approximately 10 million personal, small business, insurance and commercial customers. Under the TD Canada Trust brand, the retail operations provide a full range of financial products and services to our personal and small business customers – anywhere, anytime – through the telephone, the web, more than 2,600 automated banking machines, and our network of 1,065 branches conveniently located across the country offering the best banking hours in the business. TD Commercial Banking provides lending, deposit, savings and investment products to Canadian businesses, plus a full range of day-to-day banking, cash management, trade and treasury services.

Wholesale Banking serves a diverse base of corporate, government and institutional clients in key financial markets around the world. Under the TD Securities brand, Wholesale Banking provides a full range of capital markets and investment banking products and services that include:

  • Advice on corporate strategy and mergers and acquisitions;
  • Underwriting and distributing loan, debt and equity products;
  • Structuring tailored risk management solutions; and
  • Executing financial transactions.

Wealth Management offers investors a wide array of investment products and services. It is one of Canada’s largest asset managers, advisors and distributors of investment products; providing mutual funds, pooled funds, segregated account management, full-service brokerage services and self-directed investing to retail, mass affluent and private client segments. In addition, investment management services are provided to pension funds, corporations, institutions, endowments, and foundations. TD Waterhouse discount brokerage serves customers in Canada, the United States and the United Kingdom. Wealth Management has assets under management of $113 billion and assets under administration of $267 billion. TD Mutual Funds offers 62 retail mutual funds and 30 managed portfolios for Canadian investors.

Results of each business segment reflect revenues, expenses, assets and liabilities generated by the businesses in that segment. The Bank measures and evaluates the performance of each segment based on cash basis net income, return on average invested capital and economic profit. Cash basis results exclude non-cash charges related to goodwill and intangible amortization from business combinations. Segmented information also appears in Note 21 of the Bank’s Consolidated Financial Statements.